Western Asset Total Return Unconstrained Fund
Fund
WARIX
Price as of:
$9.08
- $0.01
- 0.11%
Primary Theme
fund company
Name
As of 10/10/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
2.9%
1 yr return
9.4%
3 Yr Avg Return
-2.1%
5 Yr Avg Return
-0.3%
Net Assets
$275 M
Holdings in Top 10
42.2%
52 WEEK LOW AND HIGH
$9.1
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.10%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 67.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$0
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 10/10/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
WARIX - Profile
Distributions
- YTD Total Return 2.9%
- 3 Yr Annualized Total Return -2.1%
- 5 Yr Annualized Total Return -0.3%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 1.99%
- Dividend Yield 6.3%
- Dividend Distribution Frequency Quarterly
Fund Details
-
Legal NameWestern Asset Total Return Unconstrained Fund
-
Fund Family NameFRANKLIN TEMPLETON
-
Inception DateJun 04, 2008
-
Shares OutstandingN/A
-
Share ClassF
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerS. Leech
Fund Description
The fund has a flexible investment strategy and will invest in a variety of securities and instruments and use a variety of investment techniques in pursuing its objective. Under normal market conditions, the fund will invest at least 50% of its net assets in debt and fixed income securities rated at least in the Baa or BBB categories at the time of purchase by one or more Nationally Recognized Statistical Rating Organizations (“NRSROs”) or unrated securities of comparable quality at the time of purchase (as determined by the subadvisers). These securities are known as “investment grade securities.” The fund intends to invest a substantial portion of its assets in mortgage-backed and asset-backed securities.
The fund may also enter into various exchange-traded and over-the-counter derivative transactions for both hedging and non-hedging purposes, including for purposes of enhancing returns. These derivative transactions include, but are not limited to, bond and interest rate futures, options on bonds, options on bond and interest rate futures, swaps, foreign currency futures, forwards and options, options on swaps, options on forwards and commodity and commodity index futures, options, swaps and structured notes.
In particular, the fund may use certain derivatives, including interest rate swaps, credit default swaps (including buying and selling credit default swaps on individual securities and/or baskets of securities), options (including options on credit default swaps), and/or futures contracts (including
options on futures contracts) to a significant extent, although the amounts invested in these instruments may change from time to time. Other derivative instruments may also be used to a significant extent from time to time.
The fund may use currency related transactions involving options and futures contracts (sometimes referred to as “futures”), indexed securities and other derivative instruments (collectively, “Financial Instruments”). These Financial Instruments may be used without limit, subject to applicable regulatory requirements, for either hedging purposes, or to implement a currency investment strategy.
The subadvisers use fundamental investment techniques to select issues. In deciding among the securities and instruments in which the fund may invest, the subadvisers may take into account the credit quality, country of issue, interest rate, liquidity, maturity and yield of a security or instrument as well as other factors, including the fund’s dollar-weighted average effective duration and prevailing or anticipated market conditions. Although the fund may invest in securities of any maturity, the fund normally expects to maintain a dollar-weighted average effective duration (including futures positions), as estimated by the fund’s subadvisers, within the range of -3 to 8 years. Effective duration seeks to measure the expected sensitivity of market price to changes in interest rates, taking into account the anticipated effects of structural complexities (for example, some bonds can be prepaid by the issuer). Although the fund may invest in debt and fixed income securities of any credit quality, including securities that are in default, under normal market conditions it is expected that the fund will maintain a dollar-weighted average credit quality of portfolio holdings of at least the Baa/BBB categories or their equivalent (as determined by the subadvisers).
In addition, under normal market conditions, at the time of purchase:
| • | No more than 50% of the fund’s net assets may be invested in non-U.S. dollar denominated securities. |
| • | No more than 25% of the fund’s net assets may be invested in un-hedged non-U.S. dollar denominated securities. |
| • | No more than 25% of the fund’s net assets may be invested in non-U.S. dollar denominated securities that are not investment grade securities. Securities rated below investment grade are commonly known as “junk bonds” or “high yield securities.” |
| • | No more than 25% of the fund’s net assets may be invested in securities of non-U.S. issuers that are not investment grade securities. |
| • | No more than 50% of the fund’s net assets may be invested in a combination of non-U.S. dollar denominated securities, emerging market securities and securities that are not investment grade securities. |
| • | The fund is permitted to invest in securities issued or guaranteed by the government of the United States or any of the G-7 countries, including their agencies, instrumentalities and political sub-divisions, without limit; however, (i) no more than 10% of the fund’s net assets may be invested in securities issued or guaranteed by a single government that is a non-G-7 country, including its agencies, instrumentalities and sub-divisions; (ii) no more than 10% of the fund’s net assets may be invested in private mortgage-backed and asset-backed securities of a single issuer unless the collateral relating to such securities is credit-independent of the issuer and the security’s credit enhancement is independent of the issuer, in which case no more than 25% of the fund’s net assets may be invested in private mortgage-backed and asset-backed securities of such issuer; and (iii) other than as described above, no more than 5% of the fund’s net assets may be invested in the obligations of any single issuer. |
| • | The aggregate initial futures margin and options premiums required to establish commodity interest positions will not exceed 5% of the net assets of the fund, after taking into account unrealized profits and unrealized losses on any such positions; provided, however, that if an option is in-the-money at the time of purchase, the amount by which the option is in-the-money may be excluded in computing such 5%. |
WARIX - Performance
Return Ranking - Trailing
| Period | WARIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 2.9% | -8.0% | 14.8% | 90.81% |
| 1 Yr | 9.4% | -6.3% | 30.2% | 73.20% |
| 3 Yr | -2.1%* | -16.6% | 16.8% | 91.52% |
| 5 Yr | -0.3%* | -14.0% | 14.3% | 89.91% |
| 10 Yr | 1.3%* | -6.9% | 6.8% | 85.79% |
* Annualized
Return Ranking - Calendar
| Period | WARIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 4.7% | -12.0% | 15.7% | 13.91% |
| 2022 | -14.7% | -31.8% | 18.4% | 66.61% |
| 2021 | -5.9% | -16.2% | 25.7% | 93.52% |
| 2020 | 3.1% | -31.1% | 18.7% | 34.51% |
| 2019 | 4.0% | -6.1% | 15.3% | 58.94% |
Total Return Ranking - Trailing
| Period | WARIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 2.9% | -8.0% | 14.8% | 90.81% |
| 1 Yr | 9.4% | -6.3% | 30.2% | 73.20% |
| 3 Yr | -2.1%* | -16.6% | 16.8% | 91.52% |
| 5 Yr | -0.3%* | -14.0% | 14.3% | 89.91% |
| 10 Yr | 1.3%* | -6.9% | 6.8% | 85.79% |
* Annualized
Total Return Ranking - Calendar
| Period | WARIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 7.1% | -6.9% | 22.2% | 65.14% |
| 2022 | -14.1% | -31.8% | 21.1% | 92.95% |
| 2021 | -2.2% | -13.5% | 49.9% | 92.87% |
| 2020 | 5.1% | -28.6% | 24.1% | 54.23% |
| 2019 | 8.3% | -4.8% | 19.1% | 54.56% |
NAV & Total Return History
WARIX - Holdings
Concentration Analysis
| WARIX | Category Low | Category High | WARIX % Rank | |
|---|---|---|---|---|
| Net Assets | 275 M | 2.53 M | 143 B | 66.30% |
| Number of Holdings | 508 | 4 | 9195 | 49.23% |
| Net Assets in Top 10 | 98.2 M | -204 M | 80.4 B | 62.96% |
| Weighting of Top 10 | 42.18% | 6.2% | 209.5% | 29.08% |
Top 10 Holdings
- Western Asset Premier Institutional Government Reserves 10.29%
- United States Treasury Note/Bond 6.57%
- Ginnie Mae 4.38%
- Fannie Mae or Freddie Mac 4.02%
- Fannie Mae or Freddie Mac 3.18%
- United States Treasury Note/Bond 3.07%
- Fannie Mae or Freddie Mac 2.81%
- Brazil Notas do Tesouro Nacional Serie F 2.80%
- Fannie Mae or Freddie Mac 2.53%
- Ginnie Mae 2.51%
Asset Allocation
| Weighting | Return Low | Return High | WARIX % Rank | |
|---|---|---|---|---|
| Bonds | 116.00% | 0.00% | 192.97% | 9.72% |
| Cash | 10.29% | -94.66% | 91.07% | 18.67% |
| Convertible Bonds | 0.61% | 0.00% | 33.50% | 62.28% |
| Other | 0.48% | -73.61% | 112.16% | 67.28% |
| Stocks | 0.17% | -4.92% | 99.66% | 57.56% |
| Preferred Stocks | 0.00% | 0.00% | 26.42% | 67.13% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | WARIX % Rank | |
|---|---|---|---|---|
| Utilities | 0.00% | 0.00% | 100.00% | 69.76% |
| Technology | 0.00% | 0.00% | 28.30% | 59.29% |
| Real Estate | 0.00% | 0.00% | 100.00% | 64.52% |
| Industrials | 0.00% | 0.00% | 100.00% | 64.29% |
| Healthcare | 0.00% | 0.00% | 18.60% | 66.90% |
| Financial Services | 0.00% | 0.00% | 100.00% | 69.05% |
| Energy | 0.00% | 0.00% | 100.00% | 73.81% |
| Communication Services | 0.00% | 0.00% | 100.00% | 72.14% |
| Consumer Defense | 0.00% | 0.00% | 99.97% | 57.14% |
| Consumer Cyclical | 0.00% | 0.00% | 89.95% | 1.43% |
| Basic Materials | 0.00% | 0.00% | 100.00% | 62.14% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | WARIX % Rank | |
|---|---|---|---|---|
| US | 0.17% | -4.84% | 99.66% | 55.25% |
| Non US | 0.00% | -0.26% | 17.73% | 56.02% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | WARIX % Rank | |
|---|---|---|---|---|
| Government | 30.09% | 0.00% | 99.43% | 15.61% |
| Corporate | 19.22% | 0.00% | 96.66% | 70.70% |
| Securitized | 14.60% | 0.00% | 99.65% | 57.96% |
| Cash & Equivalents | 10.29% | 0.00% | 88.00% | 16.72% |
| Municipal | 0.37% | 0.00% | 54.26% | 25.64% |
| Derivative | -1.78% | -73.61% | 112.16% | 97.99% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | WARIX % Rank | |
|---|---|---|---|---|
| US | 103.07% | 0.00% | 192.97% | 11.57% |
| Non US | 12.93% | 0.00% | 74.14% | 29.48% |
WARIX - Expenses
Operational Fees
| WARIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.10% | 0.03% | 20.67% | 53.85% |
| Management Fee | 0.60% | 0.00% | 2.29% | 52.22% |
| 12b-1 Fee | 0.25% | 0.00% | 1.00% | 36.29% |
| Administrative Fee | N/A | 0.00% | 0.70% | N/A |
Sales Fees
| WARIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 0.00% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 1.50% | N/A |
Trading Fees
| WARIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 0.50% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| WARIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 67.00% | 0.00% | 632.00% | 38.73% |
WARIX - Distributions
Dividend Yield Analysis
| WARIX | Category Low | Category High | WARIX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 6.26% | 0.00% | 23.30% | 90.52% |
Dividend Distribution Analysis
| WARIX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Quarterly | Annually | Monthly | Monthly |
Net Income Ratio Analysis
| WARIX | Category Low | Category High | WARIX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 1.99% | -1.55% | 11.51% | 78.84% |
Capital Gain Distribution Analysis
| WARIX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Sep 30, 2024 | $0.143 | OrdinaryDividend |
| Mar 28, 2024 | $0.053 | OrdinaryDividend |
| Dec 19, 2023 | $0.029 | OrdinaryDividend |
| Sep 29, 2023 | $0.081 | OrdinaryDividend |
| Jun 30, 2023 | $0.080 | OrdinaryDividend |
| Mar 31, 2023 | $0.007 | OrdinaryDividend |
| Dec 20, 2022 | $0.009 | OrdinaryDividend |
| Mar 31, 2022 | $0.056 | OrdinaryDividend |
| Dec 20, 2021 | $0.086 | OrdinaryDividend |
| Dec 20, 2021 | $0.155 | CapitalGainShortTerm |
| Dec 20, 2021 | $0.037 | CapitalGainLongTerm |
| Sep 30, 2021 | $0.028 | OrdinaryDividend |
| Jun 30, 2021 | $0.051 | OrdinaryDividend |
| Mar 31, 2021 | $0.048 | OrdinaryDividend |
| Jun 30, 2020 | $0.018 | OrdinaryDividend |
| May 29, 2020 | $0.020 | ReturnOfCapital |
| Apr 30, 2020 | $0.025 | ReturnOfCapital |
| Mar 31, 2020 | $0.029 | ReturnOfCapital |
| Feb 28, 2020 | $0.028 | ReturnOfCapital |
| Jan 31, 2020 | $0.036 | ReturnOfCapital |
| Dec 31, 2019 | $0.035 | OrdinaryDividend |
| Dec 06, 2019 | $0.022 | CapitalGainLongTerm |
| Nov 29, 2019 | $0.033 | OrdinaryDividend |
| Oct 31, 2019 | $0.033 | OrdinaryDividend |
| Sep 30, 2019 | $0.028 | OrdinaryDividend |
| Aug 30, 2019 | $0.032 | OrdinaryDividend |
| Jul 31, 2019 | $0.034 | OrdinaryDividend |
| May 28, 2008 | $0.150 | CapitalGainShortTerm |
| May 28, 2008 | $0.088 | CapitalGainLongTerm |
| Dec 20, 2007 | $0.004 | CapitalGainShortTerm |
| Dec 20, 2007 | $0.003 | CapitalGainLongTerm |
| May 24, 2007 | $0.030 | CapitalGainShortTerm |
| May 24, 2007 | $0.017 | CapitalGainLongTerm |
| Nov 27, 2006 | $0.041 | CapitalGainShortTerm |
| Nov 27, 2006 | $0.034 | CapitalGainLongTerm |
WARIX - Fund Manager Analysis
Managers
S. Leech
Start Date
Tenure
Tenure Rank
Sep 01, 2012
9.75
9.8%
– Western Asset Management Company, LLC – Chief Investment Officer, 1990– – Greenwich Capital Markets – Portfolio Manager, 1988–1990 – The First Boston Corporation – Fixed Income Manager, 1980–1988 – National Bank of Detroit – Portfolio Manager, 1977–1980 – The Wharton School, University of Pennsylvania, M.B.A., B.S., B.A., summa cum laude, 1972–1976
Mark Lindbloom
Start Date
Tenure
Tenure Rank
Sep 11, 2013
8.72
8.7%
– Western Asset Management Company, LLC – Portfolio Manager, 2005- – Citigroup Asset Management – Portfolio Manager, 1986-2005 – Brown Brothers Harriman & Co. – Portfolio Manager, 1981-1986 – New York Life Ins. – Analyst, 1978-1980 – Pace University, M.B.A. – Rider University, B.S.
Julien Scholnick
Start Date
Tenure
Tenure Rank
Sep 28, 2018
3.67
3.7%
– Western Asset Management Company, LLC – Portfolio Manager, 2003- – Salomon Smith Barney – Associate, Private Client Group, 2000-2001 – Digital Coast Partners – Senior Analyst, 1999-2000 – Arthur Andersen, LLP – Senior Analyst, 1997-1999 – Cornell University, M.B.A. – University of California, Los Angeles, B.A., magna cum laude – Chartered Financial Analyst
John Bellows
Start Date
Tenure
Tenure Rank
Sep 28, 2018
3.67
3.7%
– Western Asset Management Company, LLC – Portfolio Manager, 2012- – U.S. Department of the Treasury – Acting Assistant Secretary for Economic Policy; Deputy Assistant Secretary for Microeconomic Analysis; Senior Advisor in the Office of Economic Policy, 2009-2011 – University of California, Berkeley, PhD Economics – Dartmouth College, B.A. Economics, magna cum laude – Chartered Financial Analyst
Frederick Marki
Start Date
Tenure
Tenure Rank
Sep 28, 2018
3.67
3.7%
Frederick R. Marki is a Portfolio manager of Western since 2005. He began his investment career in 1983 and has a BS from the Massachusetts Institute of Technology. Marki joined Western Asset in 2006. Prior to this, Marki was a director of Citigroup Asset Management and investment officer of the manager. and its predecessor companies.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 28.19 | 5.72 | 3.19 |